The Federal Government through the Federal Competition and Consumer Protection Commission (FCCPC) has issued a one-month ultimatum to traders and market stakeholders to slash prices of goods and services nationwide.
Executive Vice Chairman of the commission, Tunji Bello, made the announcement at a stakeholders’ engagement in Abuja, warning that enforcement actions will follow after the moratorium.
Bello cited examples of exorbitant pricing, including a fruit blender priced at $89 in the US but sold for N944,999 in Lagos.
He said that such practices threaten the economy and urged stakeholders to cooperate, noting that violators face severe penalties, including fines and imprisonment.
”Under Section 155, violators whether individuals or corporate entities face severe penalties including substantial fines and imprisonment if found guilty by the court.
”This is intended to deter all parties involved in such illicit activities.
”However, our approach today is not punitive. I, therefore, call on all stakeholders to embrace the spirit of patriotism and cooperation.
”It is in this spirit that we are giving a moratorium of one month before the Commission will start firm enforcement,” he said.
Adding his part, Ifeanyi Okonkwo, the Chairman of the National Association of Nigerian Traders, FCT Chapter, said the charges on imported goods at the ports have also played a role in the surge in prices.
Meanwhile, market stakeholders attributed price hikes to factors like import charges, transportation costs, insecurity, and multiple taxation.
All these na mere talk, a worthless one for that matter. Even the concerned traders knows that na mouth una dey make. Any shop your staff gets to, with their palm robbed with something, everything will be sorobuchi. Nothing spoil. This is Naija!
Tell me what has happened to those profiteers selling petrol at a very exorbitant prices ? Don’t we have the Department of Petroleum Resources (DPR)? What are they doing than collecting Egunje from erring filling stations? I beegi make a sip water
Useless talk, What’s the price of Petrol, how much is a dollar? Go and address those issues then come back to the market
The problem with us is about weak enforcement maybe as a result of compromise and culture of impunity.
Haba!
These people just talk like nonentities.
How can you order an independent, tax-paying body to slash prices?
Did you supply them the goods n services?
Did you study you elementary economics?
Is it not market factors that determine prices?
Are you(FCCPC) going to give them a rebate or subsidy?
Is it not the govt that creates conducive environment n favorable economic policies that would positively affect trade, and, consequently prices?
#MrBelloFCCPC are you high on something, incompetent, plainly ignorant, trying to infuriate that people, or seeking cheap publicity.